Thank you Jens and Jose for your comments.
The holes drilled appear to be positioned beneath the settings. These are no more than pilot holes for larger holes to remove stock for the settings. Another smaller tool was used to shape it to accommodate the setting fully.
I don't know if the bottoms were overlaid with thin sheet gold, possibly, but the only thing holding the stones were the undercuts in the carving of the matrix.
Gold, well annealed, is extremely soft, softer by orders of magnitude than even fine silver, so it theoritically is like putty, smeared down and forced into and under the undercuts, cold.
If heat enough to affect the softness of the gold, (roughly 1000 degrees F.), the stone or ivory would be ruined.
This has piqued my interest. If I can find some time I will attempt to do a small demonstration piece and report back.
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